USD 212.5 billion
Building Panels Market Size, Share, and Growth Analysis
Building Panels Market By Type (Structural Panels, Insulated Panels), By Material (Wood, Concrete), By Applications (Floors, Roofs), By End Use (Residential, Non-Residential), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15F2185 |
Region:
Global |
Published Date: May, 2024
Pages:
184
|Tables:
93
|Figures:
77
Format -
Building Panels Market Insights
Global Building Panels Market size was valued at USD 212.5 billion in 2023 and is poised to grow from USD 224.61 billion in 2024 to USD 349.97 billion by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).
The global building panels market has been experiencing significant growth due to various factors such as urbanization, increasing construction activities, and a focus on sustainable building materials. Building panels, which include materials such as concrete panels, wood panels, metal panels, and composite panels, are widely used in residential, commercial, and industrial construction projects for their efficiency, versatility, and sustainability.
With growing environmental concerns, there has been a shift towards sustainable construction practices. Building panels made from recycled materials or those that offer high energy efficiency are gaining popularity. The uptake of green building certifications, such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method), incentivizes the use of sustainable building materials, including building panels. Projects aiming for certification often require materials with specific sustainability criteria, such as recycled content, durability and low VOC (volatile organic compound) emissions. Building panels that meet these requirements gain a competitive advantage in the market.
Rapid urbanization, particularly in emerging economies, is driving the demand for affordable and efficient construction solutions. Building panels offer faster construction times and reduced labour costs, making them attractive for urban development projects. Innovations in materials science and manufacturing processes are leading to the development of advanced building panels that offer superior strength, durability, and insulation properties. Additionally, technologies such as prefabrication and modular construction techniques are enhancing efficiency in construction projects.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Concrete
Fastest Growth
Wood
Growth Rate
5.7% CAGR
Global Building Panels Market ($bn)
Country Share for Asia Pacific Region (%)
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Building Panels Market Segments Analysis
Global Building Panels Market is segmented by Type, Material, Applications, End Use and region. Based on Type, the market is segmented into Structural Panels, Insulated Panels, Decorative Panels, Metal Panels and Others. Based on Material, the market is segmented into Wood, Concrete, Plastic, Metal and Glass. Based on Applications, the market is segmented into Floors, Roofs, Walls and Others. Based on End Use, the market is segmented into Residential, and Non-Residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Panel Type
Based on panel type, the market can be segmented into precast concrete panels, vacuum insulated panels, structural insulated panels (SIP), wood-based panels, and others.
Precast concrete panels have emerged as a dominant force in the construction market due to many advantages they offer. Precast concrete panels are renowned for their exceptional durability and strength, providing strong structural integrity to buildings and infrastructure projects. Additionally, the off-site manufacturing process of precast concrete panels allows for precise quality control and accelerated construction timelines. By fabricating panels in controlled factory conditions, manufacturers can ensure consistent quality and eliminate weather-related delays common in traditional on-site concrete pouring. With advancements in technology and production techniques, precast concrete panels continue to evolve, incorporating features such as enhanced insulation properties, integrated utilities, and even sustainable materials, further solidifying their dominance in the construction market as a preferred building solution.
The segment of Structural Insulated Panels (SIPs) is experiencing rapid growth in the construction market due to several key factors. SIPs offer superior thermal performance compared to traditional construction methods, providing excellent insulation and reducing energy consumption for heating and cooling. This feature works with increasing awareness and demand for energy-efficient buildings due to growing environmental concerns and rising utility costs. Additionally, SIPs streamline the construction process by combining structural support, insulation, and sheathing into a single panel, reducing construction time and labour costs. Furthermore, SIPs are known for their strength and durability, offering structural stability and resistance to various environmental factors such as wind, earthquakes, and fire. As regulations and building codes evolve to prioritize safety and sustainability, SIPs emerge as an attractive solution that meets stringent requirements while offering design flexibility and architectural versatility.
Analysis by Raw Material
Based on raw materials, the market is segmented into concrete, wood, plastic, metal and silica. Concrete panels are the leading segment in the global building panels market. Concrete panels offer unparalleled durability and strength, providing robust structural integrity to buildings and infrastructure projects. This durability makes them long-term cost savings for developers and owners, as concrete panels require minimal maintenance and upkeep over their extended lifespan. By fabricating panels in controlled factory conditions, manufacturers can ensure consistent quality and eliminate weather-related delays which are common in traditional on-site construction. Moreover, concrete panels are in high demand due to their resilience against environmental factors such as fire, moisture, and pests, making them suitable for a variety of applications in both residential and commercial construction. With these compelling advantages, concrete panels continue to dominate the market as the preferred choice for builders and developers worldwide.
The wood-based panels segment is experiencing rapid growth in the market for several reasons. As there is a growing emphasis on sustainability and environmental consciousness in construction practices, leading to increased demand for renewable and eco-friendly materials. Additionally, wood-based panels offer versatility, with applications ranging from structural components to decorative finishes, making them attractive to architects and designers seeking innovative and customizable solutions. Furthermore, advancements in manufacturing processes have enhanced the performance characteristics of wood-based panels, including improved strength, durability, and fire resistance, further driving their demand in the construction industry. Moreover, wood-based panels are often more cost-effective than alternative materials, offering an economical choice without compromising on quality or aesthetic appeal which drives the demand in the market.
Analysis by Application
Based on application, the market is segmented into walls, floors, roofs and others. Walls have often been considered the dominant segment in the global building panels market based on application. Building panels used for walls serve both structural and non-structural purposes, providing support, enclosure, and division of interior and exterior spaces. Walls are fundamental components of any building, contributing to its overall structural integrity and architectural design. These panels offer versatility in design, construction and finishing options, catering to different architectural styles, building types, and project requirements. Walls are essential in a wide range of construction sectors, including residential, commercial, industrial, institutional, and infrastructure projects. Whether it's single-family homes, high-rise buildings, office complexes, educational facilities or retail establishments, walls are integral to the construction of virtually every type of building structure. The walls segment of the building panels market benefits from continuous innovation in materials technology, manufacturing processes, and construction methods.
The floors segment is the fastest growing in this market. The construction industry is increasingly adopting prefabricated building solutions to accelerate project timelines and reduce construction costs. Prefabricated floor panels offer advantages such as speed of installation, quality control, and reduced on-site labour requirements. As construction methods evolve towards more efficient and sustainable practices, the demand for prefabricated floor panels is expected to grow rapidly. And with rapid urbanization and population growth in urban areas, there is a growing need for high-rise residential and commercial buildings. As cities expand vertically to accommodate growing populations, the demand for floor panels for high-rise construction is expected to increase significantly. Advancements in materials technology and manufacturing processes have led to the development of lightweight and high-performance floor panels. Technological innovations drive the adoption of innovative floor panel solutions in various construction projects.
Global Building Panels Market by Raw Material($bn)
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Building Panels Market Regional Insights
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific region stands out as both the dominating and fastest-growing region in the building panels market due to a confluence of factors. This region is home to some of the world's fastest-growing economies, such as China, India and Southeast Asian nations, driving extensive construction activities fuelled by rapid urbanization, population growth and infrastructure development initiatives. This sustained economic growth creates a huge demand for building panels across residential, commercial and industrial sectors. The governments in the region are increasingly prioritizing sustainable construction practices, energy efficiency, and green building initiatives to address environmental concerns and meet climate change goals. As a result, there is a surge in demand for eco-friendly and energy-efficient building panels, driving innovation and market growth. Moreover, this region benefits from a vast manufacturing base, technological advancements, and a competitive landscape, enabling the production and adoption of diverse building panel solutions tailored to local market needs. With these favourable conditions, Asia Pacific emerges as both the dominating and fastest-growing region in the building panels market, poised to maintain its leadership position and drive further industry advancements in the coming years.
While Asia Pacific currently dominates the building panels market, the next region with a significant growth is North America. This region has a mature construction market with a high level of technological adoption, making it receptive to innovative building solutions such as advanced building panels. Secondly, this region is witnessing high emphasis on sustainability, energy efficiency and resilient infrastructure, driving demand for eco-friendly and high-performance building materials like building panels. Additionally, government initiatives promoting green building practices and incentives for energy-efficient construction further stimulate market growth. North America also has a strong manufacturing base, technological expertise and a culture of innovation, facilitating the development and adoption of cutting-edge building panel technologies. With these favourable conditions, North America is positioned as the next significant region for growth and advancement in the building panels market, offering ample opportunities for industry players to capitalize on emerging trends and market demands.
Global Building Panels Market by Region
- Largest
- Fastest
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Building Panels Market Dynamics
Building Panels Market Drivers
Sustainability and Environmental Concerns
- Increasing awareness of environmental sustainability and regulations promoting green building practices lead to the adoption of building panels made from eco-friendly materials and offering energy-efficient properties.
Infrastructure Development and Housing Demand
- Rising demand for affordable housing, particularly in densely populated urban areas, fuels the adoption of building panels for rapid and cost-effective construction of residential units. Also, investments in infrastructure projects, including transportation, utilities and public facilities, stimulate the demand for building panels for applications such as sound barriers, cladding, and modular construction.
Architectural Flexibility
- Building panels offer architects and designers greater design flexibility, enabling the creation of unique and innovative structures while meeting functional and aesthetic requirements, driving their adoption in diverse construction projects.
Building Panels Market Restraints
Limited Awareness and Education
- Lack of awareness and education about the benefits and applications of building panels can impede market growth. Many construction professionals, architects, and consumers may not be familiar with the various types of building panels available, their performance characteristics, or their suitability for different construction projects. Education and outreach efforts are needed to increase awareness and promote the adoption of building panels.
Perceived Quality and Durability Concerns
- Some stakeholders may have reservations about the quality, durability, and long-term performance of building panels compared to traditional materials, leading to reluctance in adoption and preference for proven construction methods.
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Building Panels Market Competitive Landscape
The global building panels market is highly competitive, characterized by the presence of numerous manufacturers, suppliers, and distributors competing for market share. Competition in the market is influenced by factors such as product differentiation, innovation, pricing strategies, distribution networks, and brand reputation. Building panel manufacturers differentiate their products based on factors such as material composition, performance characteristics, design options, and sustainability features. Offering unique product attributes, such as superior thermal insulation, fire resistance, acoustic properties, or aesthetic appeal, allows companies to stand out in the market and attract customers. Manufacturers invest in research and development to create new materials, technologies, and construction methods that improve panel performance, durability, and environmental sustainability.
Top Players in Building Panels Market
- Kingspan Group (Ireland)
- Xella (Germany)
- Etex (Belgium)
- Saint-Gobain (France)
- Heidelberg Materials (Germany)
- Rockwool International (Denmark)
- Knauf Insulation (Germany)
- Owens Corning (USA)
- Johns Manville (USA)
- BASF (Germany)
- ArcelorMittal (Luxembourg)
- USG Corporation (USA)
- CSR Limited (Australia)
- Cemex (Mexico)
- Holcim (Switzerland)
- LafargeHolcim (Switzerland)
- Boral Limited (Australia)
- Saint-Gobain Weber (France)
- Sika AG (Switzerland)
- Kingspan Insulation (Ireland)
Recent Developments
- In March 2022, the Indian Ministry of New and Renewable Energy's new ALMM, ' Approved List of Models and Manufacturers', will allow open access from the beginning of 1st of April. The current low demand for the building panels contrasts with the tendency to increase demand shortly as companies rush to purchase panels for forthcoming projects before the fiscal year.
- In October 2023, Kingspan pioneers' sustainability with its Net Zero Carbon Roadmap, charting a course to achieve net-zero emissions by 2040. The company's commitment signals a significant stride towards environmental responsibility and a low-carbon future.
- In June 2023, CRH plc strengthens its foothold in the construction industry by acquired MPM Products, a premier precast concrete manufacturer in the Northeast US. The strategic move bolsters CRH's position in the market and enhances its capabilities in delivering high-quality construction solutions.
Building Panels Key Market Trends
- Affordable Housing Solutions: Rising demand for affordable housing, especially in urban areas with rapid population growth, presents opportunities for building panel manufacturers to develop modular and prefabricated housing solutions that offer cost savings, speed of construction, and quality assurance.
- Prefabrication and Modular Construction: Prefabricated building panels and modular construction techniques are gaining traction due to their ability to accelerate construction timelines, improve efficiency, and reduce onsite labour requirements. Building panels manufactured offsite under controlled conditions offer greater precision, quality control, and cost-effectiveness compared to traditional construction methods.
- Renovation and Retrofit Projects: The need for energy-efficient upgrades and renovations in existing buildings presents opportunities for building panel manufacturers to offer retrofit solutions, including insulated cladding panels, facade systems, and interior wall panels, to improve building performance and aesthetics.
Building Panels Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global building panel market analysis, the global building panels market is experiencing notable growth driven by the growing demand for sustainable construction solutions, with sustainability serving as a pivotal market driver. Building panels offer a range of features and benefits that align seamlessly with sustainability objectives, including enhanced energy efficiency, reduced environmental footprint, and compliance with green building standards. Nonetheless, the market encounters challenges such as substantial initial costs, limited awareness, and regulatory hurdles. Regionally, Asia-Pacific emerges as the dominant force in the market, driven by rapid urbanization, substantial infrastructure investments, and robust manufacturing capabilities. The building panels market is also aiming for further expansion, fueled by advancements in materials and technology, heightened adoption of prefabrication and modular construction methods, and growing demand for sustainable building solutions. As global construction activity continues to surge, particularly in emerging economies, the demand for building panels is expected to soar, presenting lucrative opportunities for market players to capitalize on the escalating need for efficient, environmentally conscious construction materials.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 212.5 billion |
| Market size value in 2032 | USD 349.97 billion |
| Growth Rate | 5.7% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Building Panels Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Building Panels Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Building Panels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Building Panels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Building Panels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Building Panels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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